Help-Should we rescind?

[off2maui]

Hoping to get some feedback whether we should rescind our purchase. We are on vacation and attended the sales presentation at Hilton Hawaiian Village with no intention of buying. We currently own two HGVC timeshares that we purchased resale for approximately $3,000 for the two units. We were interested in finding out about the new resort on Maui, the Maui Bay Villas. The deal we purchased was for a 2 bedroom plus Platinum unit worth 14,400 points annually at the Maui Bay Villas. The base price they started with was $102,990 for the 2 bedroom annual Maui unit. They offered to credit us the full purchase price that the original owners paid for our 2 resale units if we traded them in. The credit totaled $63,000, leaving a balance due of approximately $40,000. In addition they threw in a little over 30,000 bonus points with the purchase.
They said the purchase would put us in Elite Status
Our maintenance fees would be approximately $1000 less than the new purchase at Maui Bay Villas
The two units we currently own get approximately 10,000 points annually and we would have an increase of 4,400 points annually to use.
Of course, the deal was only available if we purchased the day of our presentation. It seemed like a good deal, and we travel to Maui annually from the West Coast. Buyers remorse has set in, and wondered what other Tuggers thought about the deal, the Maui Bay Villas, whether Elite status means much, and if the $40K price tag is worth it. We would not finance and pay cash.
Hoping others will chime in.

 

[brp]

There has been a lot of discussion recently about Elite status. I believe that most here do not think it worth the price tag, but there are some who find the value worth the cost. I suggest to rescind and then do some more research. if, in the future, you decide that it is worth the higher Developer price, this offer will certainly still be available. despite "today only." claims. But you only get one short chance to rescind.

Cheers.

 

[elaine]

Agree to rescind. I’d bet that deal will be there is you call back in a few weeks. $40k plus the $3500 you spent on the other 2 hgvc is not a bad price imho for 2 br platinum plus assuming you’re purchasing to use it in Maui. I’d venture that booking will be tight esp for platinum season. And so owning at Maui might be necessary to get the week you want. That would be my only reason to buy. If you have concrete plans for those 30k hgvc bonus points, you can mentally subtract $5-7kfrom that purchase price for those bonus trips. Make sure to know when they expire.
If you plan to use even 50% for hgvc trading, I’d look at other options.

 

[emeryjre]

Can you find what you want at resale? You have the money obviously. But can you find a comparable week at this resort available in the resale market. That would be the first question I would ask myself. It is obviously a high value week and always will be unless Armageddon occurs.

 

[CalGalTraveler]

+1 @brp. Rescind. When I had a presentation last summer they were selling the worst units at the back of the resort. They will have more releases. Do you realize it would take 40+ years to breakeven on the MF savings of $1000/year? Keep your units. See if you can trade and if you really want to own there, suggest waiting a few years until early owners dump the units so you can buy resale at a fraction of the cost.

If you really want Maui now, look at the Westin Kaanapali resale units. North and South mandatory (not Nanea). You could pick up a 2 bdrm annual oceanfront (not across the street) for $18,000 - $35,000 resale or $13,500 - $15,500 EOY. And because it is resale, it will hold its value better than a back of the resort, across the highway HGVC at $40,000. FWIW resale IV's at Westin run $5000 - $15000 so you could expect the value to drop to that range almost immediately. There are also some nice independent 3*+ resorts in Kihei that are a lot less expensive too and may be options.

 

[TheTimeTraveler]

Hoping to get some feedback whether we should rescind our purchase. We are on vacation and attended the sales presentation at Hilton Hawaiian Village with no intention of buying. We currently own two HGVC timeshares that we purchased resale for approximately $3,000 for the two units. We were interested in finding out about the new resort on Maui, the Maui Bay Villas. The deal we purchased was for a 2 bedroom plus Platinum unit worth 14,400 points annually at the Maui Bay Villas. The base price they started with was $102,990 for the 2 bedroom annual Maui unit. They offered to credit us the full purchase price that the original owners paid for our 2 resale units if we traded them in. The credit totaled $63,000, leaving a balance due of approximately $40,000. In addition they threw in a little over 30,000 bonus points with the purchase.
They said the purchase would put us in Elite Status
Our maintenance fees would be approximately $1000 less than the new purchase at Maui Bay Villas
The two units we currently own get approximately 10,000 points annually and we would have an increase of 4,400 points annually to use.
Of course, the deal was only available if we purchased the day of our presentation. It seemed like a good deal, and we travel to Maui annually from the West Coast. Buyers remorse has set in, and wondered what other Tuggers thought about the deal, the Maui Bay Villas, whether Elite status means much, and if the $40K price tag is worth it. We would not finance and pay cash.
Hoping others will chime in.

Of course you should rescind. You're feeling it yourself and you need confirmation, so here it is.

Rescind now while you legally still can. If you find out later you made a mistake then you can always go back to buy.............




.

 

[dayooper]

@CalGalTraveler This. If you want Maui, you can get there much cheaper than the $40,000 you would be spending on this deal.

 

[Nowaker]

If you were able to turn $3k spent on resales into $40k credit, then you can spend another $5k or so to get you to like $80k, right? Right?! There's probably a threshold HGVC won't go below for deed backs, e.g. 80% of quoted price, but it's still going to be less than the hefty $40k.

 

[echino]

Have you actually stayed at Maui Bay? You may not even like the resort. It's not beachfront, among other things.

 

[vacationtime1]

Have you actually stayed at Maui Bay? You may not even like the resort. It's not beachfront, among other things.

The resort will be under construction for a couple more years. It will be a couple of years past that for the landscaping to grow in.

The Marriott and Westin properties on Maui are both of comparable quality at a far lower price.

 

[SmithOp]

Rescind.

14K is the lowest level of Elite, not worth much, they will work on you in future updates to move up the elite ladder, dont be suckered in.

I purchased 14.4k deed resale for $13k, and I’ve seen it cheaper than that pass rofr, so the points are easy to get to that level.

As others have said, you may not like the Kihei area. The only difficult part of staying there will be the high point cost. There are ways to book the high demand Hawaii without owning there, using cheaper mf resale points. I’m going to HHV Lagoon in 2 weeks, OF premier, I don’t own there.


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[BingoBangoBongo]

Our maintenance fees would be approximately $1000 less than the new purchase at Maui Bay Villas
The two units we currently own get approximately 10,000 points annually and we would have an increase of 4,400 points annually to use.

I get it that your points would go up by 4400, but I'm not sure if your saying MF's would go up or down $1000?

Would you mind sharing the MF's on the points for Maui that they offered? What is your current MF between the two you currently have?

 

[Smclaugh99]

Hoping to get some feedback whether we should rescind our purchase. We are on vacation and attended the sales presentation at Hilton Hawaiian Village with no intention of buying. We currently own two HGVC timeshares that we purchased resale for approximately $3,000 for the two units. We were interested in finding out about the new resort on Maui, the Maui Bay Villas. The deal we purchased was for a 2 bedroom plus Platinum unit worth 14,400 points annually at the Maui Bay Villas. The base price they started with was $102,990 for the 2 bedroom annual Maui unit. They offered to credit us the full purchase price that the original owners paid for our 2 resale units if we traded them in. The credit totaled $63,000, leaving a balance due of approximately $40,000. In addition they threw in a little over 30,000 bonus points with the purchase.
They said the purchase would put us in Elite Status
Our maintenance fees would be approximately $1000 less than the new purchase at Maui Bay Villas
The two units we currently own get approximately 10,000 points annually and we would have an increase of 4,400 points annually to use.
Of course, the deal was only available if we purchased the day of our presentation. It seemed like a good deal, and we travel to Maui annually from the West Coast. Buyers remorse has set in, and wondered what other Tuggers thought about the deal, the Maui Bay Villas, whether Elite status means much, and if the $40K price tag is worth it. We would not finance and pay cash.
Hoping others will chime in.

Yes, the smart answer is to rescind…..
BUT (and I may have the minority opinion) if you can afford it AND it’s at the destination that you will use each year, there is no harm in keeping it. Maui is brand new and resales won’t be available there for at least a couple years. Given that it is the only HGVC Maui property (versus HHV and Waikoloa properties with multiple options), booking in platinum season will be very tough and you will have that booking advantage. And it seems like you will do better with annual MF. Elite status by itself is not worth the upgrade, but it’s not a terrible perk and can save you a couple bucks here and there.

HGVC always needs “new money” for any deal in which deeds are taken back. One poster about a year ago said they were told minimum new money is $20,000. I did an upgrade last month, trading back some resale bHC gold weeks and getting platinum deed into The Quin. They gave me $90k credit and my new money was $34k with closing. My reasoning was similar - new property that I wanted to have booking advantage and resales won’t be available for years. Trading back deeds that you bought for a fraction of what someone paid a small fortune is the way to play the retail game and lower your cost per point.

Whatever decision you make will be right for you. Good luck!

Sean

 

[Nowaker]

One poster about a year ago said they were told minimum new money is $20,000

Good to know! Thanks.

 

[frank808]

Rescind.

14K is the lowest level of Elite, not worth much, they will work on you in future updates to move up the elite ladder, dont be suckered in.

I purchased 14.4k deed resale for $13k, and I’ve seen it cheaper than that pass rofr, so the points are easy to get to that level.

As others have said, you may not like the Kihei area. The only difficult part of staying there will be the high point cost. There are ways to book the high demand Hawaii without owning there, using cheaper mf resale points. I’m going to HHV Lagoon in 2 weeks, OF premier, I don’t own there.


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I will be down there at Lagoon OF also from Dec 19 to Jan 3. Will you be there during that time? We could meet up if possible.

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[SmithOp]

I will be down there at Lagoon OF also from Dec 19 to Jan 3. Will you be there during that time? We could meet up if possible.

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I’m there 2nd to 10th.


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[frank808]

Will just miss you then. If you come out this way to Marriott Ko Olina, while driving around or something, 2e can meet up.

Have a great stay at Lagoon and have a nice vacation.

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[off2maui]

Thank you everyone for the additional opinions and perspective. Still deciding but leaning towards rescinding.

 

[dayooper]

Thank you everyone for the additional opinions and perspective. Still deciding but leaning towards rescinding.

Rescind now, that deal, or a better one will always be there.